A Law Lecturer at the Ghana Institute of Management and Public Administration (GIMPA), Justice Srem-Sai, has called on the Economic and Organized Crime Office, EOCO, to facilitate the appointment of new managers for some businesses owned by embattled Menzgold boss, Nana Appiah Mensah.
According to him, EOCO should have taken over the management of entities such as Zylofon TV and Radio, rather than halting their operations.
The management of Zylofon TV and Radio announced a shutdown after EOCO issued a directive backed by the court, for the confiscation of Nana Appiah Mensah’s properties including zylofon media and other entities.
But speaking on Citi TV’s Breakfast Daily program, the legal practitioner said an alternative approach could have ensured continuous generation of revenue and curb job losses.
“EOCO has secured an order informing us that everything should be ceased. They have Zylofon FM running, and you said you have frozen it. What does that mean? An organization is running, and you want to take hold of it. We don’t stop an organization. What you do is to change management and take over. There should be a provision in this order allowing someone to take over the management to ensure the going concern.”
“They have employees and people who are running advert and others, how are people going to be paid? We don’t use power for the sake of it, power must be used for a purpose. The ultimate goal is for them to secure enough value for persons whose monies have been locked. So how does securing a court order ensure that they get their money because a radio station which does not operate for one week will come to down to a zero value.”
EOCO secures order to freeze assets of Menzgold, Zylofon and related companies
The court order for the freezing of properties and assets of Menzgold Ghana Limited includes that of associated companies affiliated to the embattled Menzgold CEO, Nana Appiah Mensah.
The associated companies which are stated in the news release are 7 in number, and they include; Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and media company, Brew Energy Company Limited, G- Tech automobile service.
EOCO also listed two properties located at Trassaco Valley [Plot no. 315 and plot no. 337], as well as a plot of land near Oak Street at Trassaco Valley, and an uncompleted residence and a 510 acre of land.
It further called on all employees of the affected companies, relatives and friends of the Menzgold CEO who have in their possession any of the named properties to surrender all such assets to EOCO in their own interest.
According to EOCO, failure to submit all of such properties will constitute a contempt of court and will attract the “appropriate sanctions”.
‘EOCO’s freezing of Menzgold properties good news’ – Amanda Clinton
Lawyer for some aggrieved Menzgold Customers, Amanda Clinton, has described as welcoming news the confiscation of Menzgold’s assets by EOCO.
According to her, “it is certainly good news” for Menzgold customers in their quest to retrieve their locked up investments.
The lawyer described the order from EOCO as the first real confirmation from a recognized state body and the Government of Ghana that Menzgold Ghana engaged in some fraudulent dealings.
“This is the first real confirmation from a state body and the government that a crime has been committed, because before people had labeled it, but when Menzgold took the SEC to court, the matter wasn’t determined in terms of a fraud that had been committed. So this is the first time a court has been made that clear… So that’s very good.”